BANGKOK- Thailand’s industrial sentiment rose for the first time in five months in November, bolstered by increased tourism, consumption and exports as well as new government measures, an industries group said on Tuesday.
The Federation of Thai Industries (FTI) said its industrial sentiment index in November rose to 90.9 from 88.4 in October.
“Exports also improved as demand from partner countries also recovered, which sped up manufacturing,” the FTI said in a statement.
However, the group expressed concerns over higher interest rates and rising minimum wage.
“There is concern over adjustments in the minimum wage because businesses will have to carry higher costs, along with uncertainty in the global economy that are pressuring exports,” the FTI said.
Thailand’s exports in October rose at the fastest annual pace in more than a year but less than expected, and the commerce ministry said last week full-year exports would still show a small contraction.
Customs-based exports, a key driver of Thailand’s economy, climbed 8.0 percent in October from a year earlier, the fastest since June 2022, compared with a forecast rise of 9.3 percent on-year in a Reuters poll.
“The growth was supported by the gradual recovery of demand during the year-end festive season,” the ministry said in a statement, adding China’s economic stimulus measures were also supportive.
The export gains were helped by higher shipments of agricultural products and industrial goods, the ministry said. – Reuters
